10 Factors Should Be Considered While Choosing A Payment Gateway Provider

The e-commerce sector has seen unprecedented growth in recent years. It has introduced the customers to newer, efficient, and more seamless payment modes. To ensure that the transactions are being carried out safely, the e-commerce platform demands a secure payment gateway. The integration of a payment gateway into their e-businesses enables enterprises to make and receive payments without compromising sensitive data.

A payment gateway securely validates the customer’s card details and enables them to carry out the transaction smoothly. In the e-commerce sector, the fraud risk is significantly higher, and hence payment gateway provides leverage to companies to keep the customer’s data safe. A payment gateway acts as the gatekeeper of your customer’s payment data. E-commerce fraud has become more pervasive than ever, and hence companies must adopt tools to secure the workflow. From 2016 to 2017, losses from account takeover (ATO) rose 122% and reached $9B in 2019. Integrating a payment gateway ensures visibility in payment acceptance, data reporting, and fraud management. It helps you keep users’ data safe so that it does not become susceptible to ATO fraud.

To select the best enterprise payment gateway for your business, you need to keep the following points in mind.

• Choose An Appropriate Payment Gateway

Payment gateway is a crucial part of your eCommerce platform. To choose the right payment gateway, ensure that it integrates easily into existing infrastructure. Analyze your website and select a payment flow accordingly. You can also choose an integrated payment system to direct customer information to a secure payment gateway via API calls. You can also embed iFrame on your website to leverage the payment system. Ensure that the payment gateway is available for all payment platforms.

• Choose The Right Product

A payment gateway should support the transaction between you and your clients. It should ensure that the transaction is carried out securely and promptly. A gateway enables customers to purchase products and process the payment quickly, and companies can receive payments without any hassle. To select the right payment gateway provider, ensure that they provide you adaptable and scalable payment gateway. You can also outsource advisory services from professionals to choose the best payment gateway. 

• Make Your Customers Feel Safe And Secure

The payment gateway that you choose should instill trust in your customers. It should give them a sense of security while making online transactions. Customers’ trust is essential for customer retention and satisfaction. Ensure that your payment gateway provider has the necessary certifications for security standards like PCI-DSS. Payment gateways should reinforce the security and encryption of customer information on your eCommerce platform to minimize any risk during the transaction. 

• Consider Fees And Service Agreement Requirements

Before you sign the agreement with your vendor, check the working protocols of the company. It will help you establish if you can long-term holistic relationship with the provider company. Ask your vendor if they will extend support throughout the lifecycle of the payment gateway.

• Ensure Effective Transactions

The motive of integrating a payment gateway is to enable customers to quickly and securely carry out the transaction to purchase. If they are required to fill up unwanted form fields, it can hamper your customer retention capacity. Customers mostly cancel the transaction if the process is tedious. The payment gateway provider should ensure that the platform facilitates a more straightforward checkout process for the customers. It should eliminate any redundancy that can cost you your customer loyalty.

• Make Checkout Easy On All Devices

Choose a payment gateway that is compatible with the majority of mobile devices. Your customers will access your e-commerce platform from different devices. Hence, it would help if you ensured that the payment gateway could function smoothly on various mobile devices and other network types. Choose a platform with an easy UI to enhance the usability, accessibility, and efficiency of making the payment.

• Compliance

The payment gateway should adhere to the compliance of The Payment Card Industry (PCI). A compliant payment gateway will help you to ensure if the gateway is secure. It helps build a secure network and systems, protect the cardholder’s data, create a Vulnerability Management Program, and implement strong access control measures. 

• Recurring Billing

A recurrent billing model can make your business more efficient. Subscription-based services can be set on a recurrent billing model. With the automatic billing cycle activation, e-businesses can collect money from regular contributors on a punctual basis. The payment gateway can bill customers with subscriptions or invoices through the recurring billing model for timely payments. 

• Caters To Local And Global Needs

Your payment gateway provider should extend global solutions to enable you to accept several credit cards, debit cards, and currencies from any location. The payment gateway should support electronic invoicing, various payment types, text and email reminders for customers, and other management strategies.

• Merchant Account

Ask your provider if your payment gateway includes a merchant account to receive the funds. It can store the customer’s money temporarily. The amount will stay there till the time the customer’s processing bank approves it. A merchant account in the payment gateway will make the transactions more and improve fund management efficiency.

To Conclude:

A payment gateway is a software that securely sits between an e-commerce website and a customer’s payment mode. Take into consideration the tips mentioned above to choose the right payment gateway provider.